ETH prices show an evening star developing at the $1750 supply zone, just days prior to the merge, teasing a downtrend to the $1500 mark. In late August, the Ethereum (ETH) price crashed significantly as the crypto market was affected harshly by the global market sentiments. After that, however, the prices found a solid foothold near $1400 support and resumed their current recovery. Furthermore, if the upcoming Ethereum Merge event has no negative consequences, the coin price should progressively breach $2000. Key Points: The Ethereum (ETH) price action shows a power struggle at the $1750 supply zone. The sellers at $1750 dominate the price trend resulting in an evening star pattern. The intraday trading volume in Ethereum is $14.21 billion. Source – TradingView ETH Technical Analysis The market reacts enthusiastically when the long-awaited Ethereum Merge approaches, delivering a 24.2% boost in just two weeks. With the Merge, the Ethereum ecosystem is projected to be highly efficient, perhaps raising the coin price significantly. However, the Ethereum (ETH) price is struggling at the psychological resistance of $1750 on declining volume, indicating a more substantial chance of a price reversal. Moreover, the evening star pattern forming near the supply zone increases the downtrend possibility. If this occurs, the uptrend may reverse to $1550 or $1400 support. Furthermore, a daily candlestick close above $1750 will increase the...
